Volatility is a measure of financial uncertainty or risk. For an investment product, such as a stock, volatility may refer to the uncertainty about the magnitude of changes in the stock's value over a given time. For example, for two stocks that currently have the same price, the future value of the stock with a relative higher volatility can be expected to be a wider range of values when compared to the stock with the lower volatility (i.e., the higher volatility stock is more likely to change price significantly, either up or down). Traditionally, investors have utilized products based on the Chicago Board Options Exchange's VIX®, a measure of market expectations for volatility over the next 30 days based on option prices on the S&P 500 Index.